Community members have been asking to use the WOO token on BSC’s vibrant DeFi ecosystem. Now the token will be entering a new world of trading platforms, lending platforms, and other decentralized use cases.
Some background info
Last year, the DeFi world exploded around Ethereum but soon found users craving a lower-fee alternative. In September of 2020, BSC was launched, founded around a high throughput, low fee Ethereum-compatible chain. Binance decided to keep much of the code base of Ethereum, partly to make it easy for developers and users to quickly adopt the Layer Two technology.
The ecosystem grew quickly around platforms such as PancakeSwap and Ellipsis Finance, and now is rivaling other top networks such as Ethereum and Polygon in metrics such as on-chain transactions and Total Value Locked (TVL). That makes it attractive to developers, especially considering the large number of users that can access the network via Binance’s centralized exchange.
That’s great, but what took so long?
Many community members have expressed their desire to use the WOO token in BSC’s growing DeFi ecosystem. However, decentralized ecosystems are rife with risk and uncertainty. Many of the third-party bridges have custodial risk, not to mention a fee for users or projects that want to transfer tokens. To mitigate this, WOO X built their own smart contract bridge on Ethereum and BSC. The smart contract on Ethereum can be viewed here: Link
Tokens sent by the team to the Ethereum contract will mint tokens on BSC. The process can be reversed by burning the BSC tokens to unlock the Ethereum-based WOO. In this way, the circulating and total supply numbers are not affected. Currently, only the team is able to access the bridge, but with more development, the bridge will be given a frontend and more features will be added, allowing anyone to transfer WOO between Ethereum and BSC in a trustless environment. Do not attempt to use the bridge until this time, or your funds may be lost.
So how can users bridge their assets?
WOO X Beta, our centralized platform, will allow users to deposit or withdraw tokens on either Ethereum (ERC-20 standard) or BSC (BEP-20 standard) beginning on May 27th at 14:00 (UTC +8). To jumpstart liquidity on BSC, WOO X has bridged 10m from the exchange custodial wallet (the circulating supply has not increased as part of this transaction).
What will this lead to?
Once on BSC, there’s a number of exciting platforms that the WOO token can integrate with. Over the next few weeks, we will explore these partnerships including adding support for our own WooFi WOO/BUSD pool (See below for more details on that).
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For WOO X, this is another step towards becoming a platform that unifies many of the fragmented CeFi systems in the digital asset space. WOO X will continue to add support for more assets and more networks, driving more users to make WOO X their home for trading assets with deep liquidity and zero fees.